New Delhi, July 25: The Disinvestment Ministry is believed to have proposed the sale of 36 per cent of the government equity in Bharat Petroleum Corporation and 26 per cent in Hindustan Petroleum Corporation. The Ministry is likely to bring up a proposal of strategic sale of government holding in the two refining companies at the next meeting of the Cabinet Committee, likely in a week's time, sources said.

Of the 66.2 per cent government stake in BPCL, 36 per cent equity is likely to be put on the block while another 3-4 per cent may be offered to employees, sources said, adding in case of HPCL, government holding would be brought down from the present 51.01 per cent to 25 per cent through strategic sale.
The Ministry proposes to invite initial bids for BPCL in the month of September and complete the sale before the end of the current financial year, sources said. Disinvestment of HPCL would happen in the first quarter of 2003-04.

The calendar for disinvestment of BPCL, drafted by the Disinvestment Ministry to be put before the CCD for approval, details invitation of financial bids for BPCL by March 1, 2003 and approval of bids by March 10, 2003.
In the case of HPCL, initial bids would be invited towards the end of the year and financial bids by March 15. The sale is likely to be approved by April end, sources said.
Bureau Report